Monday, Sep 17, 2007
The lost generation sacrificing a pension for a house
This is London: Pensions crisis looming for young people as many are gambling on property to pay for their retirement
When we talk about knock on effects of the potential collapse of the UK housing market due to chronic over-valuation and ridiculous lending multiples and lax practices this article highlights the problems we are storing up for 20-30 years time. The current labour government has sponsored the robbery of the current generation for the next quarter of a century to stay in power for 10 years.
Posted by enuii @ 11:00 PM (247 views) Add Comment
2 Comments
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1. alan said...
Enuii,
I believe that this has affected all generations, not just the young. My friends and family have stopped putting cash into pensions and instead "loaned" the money to their children to buy houses.
Traditional pensions are seen by my generation (40s-50s) to be a wasteful tying up of money, over which the owner of the fund has no control, and is at the mercy of the government to be plundered at will.
2. dohousescrashinthewoods said...
Just looking at the pension angle suggests property won't recover for a few decades. Even if it starts lifting its head in about 10 years (as per dot-com) it will get crushed by a generation selling up what they can in the hope of retiring.
Seems to me like a "real" pension is going to look attractive compared to property quite soon.